Massey Knakal Sells LES Apartment Building for $5.5 M.
Al Barbarino March 21, 2013, 7 a.m.
Massey Knakal has arranged the $5.5 million sale of an apartment building at 104 Suffolk Street on the Lower East Side to a foreign investor, demonstrating the city’s continued status as one of the world’s few safe havens, The Commercial Observer has learned.
The 10,000-square-feet five-story walk-up consists of 20 residential units, 14 free market and six rent stabilized, with 18 one-bedroom apartments and two duplexes. Recent renovations include the entrance, common areas, roof and a dual fuel burner was recently installed.
“104 Suffolk Street was purchased by an overseas investor, which is a testament to the growing interest among the international community,” said Massey Knakal’s Michael DeCheser, who exclusively represented the seller in the transaction with CEO Paul Massey, Jr. and Guthrie Garvin.
The building is steps from a number of new developments, including the Seward Park Urban Renewal Area, where Community Board 3 recently approved the city’s land use application for a 1.665 million square foot mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side.
Neighbors include the Lower East Side Tenement Museum, a new hotel on Delancey and Suffolk known as Blue Building.
Dan Schlesinger and Jaclyn Rosenberg of The Rosemark Group represented the buyer.
The sale comes on the heels of another deal that Massey Knakal facilitated in the neighborhood.
In that deal, Ben Ashkenazy of Ashkenazy Investments paid $6 million for the corner retail building at 156-164 Delancey Street, on the northwest corner of Delancey Street and Clinton Street.